‘It’s just time,” CFO Kelly Kramer tells MarketWatch as Cisco plans $1 billion in cost cuts that will include voluntary retirement offers.
Cisco Systems Inc. reported another revenue decline and soft earnings guidance for the current quarter Wednesday afternoon, then announced that its chief financial officer will retire as shares were pummeled in after-hours trading.
First-quarter adjusted earnings guidance of 69 cents to 71 cents fell short of the 75 cents modeled by FactSet analysts. Cisco also warned that Q1 revenue will decline 9% to 11% year-over-year. Kramer instead said “it’s just time” after 30 years in the business and six years as Cisco’s CFO, and that she looks forward to “more board work and investing.”
Cisco is both benefiting and suffering in the age of coronavirus: Hardware sales are being squeezed during the pandemic, while demand for Cisco tools and services that aid remote work, such as Webex, has surged. Executives pointed out Wednesday that the majority of Cisco’s revenue — 51% — came from software and services in the 2020 fiscal year, the first time they have has passed that mark.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
General Motors CFO Dhivya Suryadevara leaves to become Stripe CFO - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Weiterlesen »
AT&T CFO on WarnerMedia Reorganization and Layoffs: A ‘Natural Progression’ in Shift to StreamingThe broad restructuring at WarnerMedia is a “natural progression” for the media conglomerate to hone its focus on HBO Max, according to John Stephens, AT&T’s chief financial o…
Weiterlesen »
Suryadevara departs General Motors to become Stripe CFOGeneral Motors Co said on Tuesday Chief Financial Officer Dhivya Suryadevara was stepping down, and online payments company Stripe announced she would join it as CFO.
Weiterlesen »
Payments giant Stripe poaches General Motors' CFO in its latest high-profile hirePayments giant Stripe has hired General Motors' chief financial officer Dhivya Suryadevara.
Weiterlesen »
GM Names John Stapleton Acting Finance Chief as CFO LeavesGeneral Motors Chief Financial Officer Dhivya Suryadevara will leave the company, and be succeeded on an interim basis by GM executive John Stapleton.
Weiterlesen »
Cisco falls on disappointing quarterly guidance as revenue continues to dropCisco now expects the fourth consecutive quarter of revenue declines, hurt in part by the coronavirus pandemic.
Weiterlesen »